Since the mid-1970s, Swedish nuclear utilities are setting aside means for covering costs for managing nuclear waste. According to current legislation, owners of nuclear power plants are liable for all costs necessary for the management and disposal of nuclear waste and spent nuclear fuel and for the decommissioning of the nuclear power plants and other nuclear facilities.
Calculations of future costs are made regularly by SKB, on behalf of its owners, and submitted to the Radiation Safety Authority, currently every third year. After review of the calculations, the Radiation Safety Authority proposes to the Government the size of the fee for the coming next years. Up to now, fees have oscillated between SEK 0.01 and SEK 0.02 per kWh delivered from the nuclear power plants. The size of the fee for the period 2012–2014 is SEK 0.02.
Assets are administered by the Nuclear Waste Fund and are mainly invested in bonds, issued by the Swedish state, or in so called covered bonds. A minor part is invested in interest bearing accounts at the National Debt Office.
Latest cost estimation
According to latest cost calculations, submitted by SKB to the Radiation Safety Authority in early 2011, total costs are estimated to SEK 123 billion in current monetary value. The calculations have been based on 50 to 60 years operating time for nuclear power reactors. Approximately SEK 31 billion have already been spent on building and operation of existing facilities as well as on planning facilities for management and disposal including research and development.
At year-end 2010 assets in the Nuclear Waste Fund amounted to slightly more than SEK 43.2 billion. The remainder will be covered partly through fee payments to the fund also in the future, partly through return on total assets in the Fund. Of course, the need for future payments to the fund will depend on future return of the Fund’s total assets.